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49 results, from 21
  • Diskussionspapiere 2023 / 2022

    Ownership Diversification and Product Market Pricing Incentives

    We link investor ownership to profit loads on rival firms by the managers of a firm. We propose a theory model in which we distinguish between passive and active investors’ holdings, where passive investors are relatively more diversified. We find that if passive investors become relatively bigger, then common ownership incentives increase. We show that these higher incentives, in turn, are linked ...

    2022| Albert Banal-Estanol, Jo Seldeslachts, Xavier Vives
  • Diskussionspapiere 2015 / 2022

    Common Ownership: Europe vs. the US

    Common ownership - when an investor holds shares in two or more companies - has recently attracted significant attention from policy-makers and researchers, studying mainly US firms. European firms, however, are different as top investors with large stakes, like governments, founding families and foundations are much more prevalent. This paper takes a well-known common ownership with micro-economic ...

    2022| Nuria Boot, Jo Seldeslachts, Albert Banal Estanol
  • Diskussionspapiere 1931 / 2021

    A Retrospective Study of State Aid Control in the German Broadband Market

    We provide an evaluation of the impact of public subsidy schemes that aimed to support the development of basic broadband infrastructure in rural areas of Germany. Such subsidies are subject to state aid control by the European Commission (EC). While the EC increasingly recognises the role of economic analysis in controlling public aid to companies, there are to date no full retrospective studies performed ...

    2021| Tomaso Duso, Mattia Nardotto, Jo Seldeslachts
  • Diskussionspapiere 1918 / 2020

    Common Ownership in the US Pharmaceutical Industry: A Network Analysis

    We investigate patterns in common ownership networks between firms that are active in the US pharmaceutical industry for the period 2004-2014. Our main findings are that “brand firms” — i.e. firms that have R&D capabilities and launch new drugs — exhibit relatively dense common ownership networks with each other that further increase significantly in density over time, whereas the network of “generic ...

    2020| Albert Banal-Estanol, Melissa Newham, Jo Seldeslachts
  • Diskussionspapiere 1887 / 2020

    R&D Spillovers throught RJV Cooperation

    We investigate the dimensions through which R&D spillovers are propagated across firms via cooperation through Research Joint Ventures (RJVs). We build on the framework developed by Bloom et al. (2013) which considers the opposing effects of technology spillovers and product market rivalry, and extend it to account for RJVs. Our main findings are that the adverse effects of product market rivalry ...

    2020| Albert Banal-Estañol, Tomaso Duso, Jo Seldeslachts, Florian Szücs
  • Diskussionspapiere 1738 / 2018

    Common Ownership and Market Entry: Evidence from Pharmaceutical Industry

    Common ownership - where two firms are at least partially owned by the same investor - and its impact on product market outcomes has recently drawn a lot of attention from scholars and practitioners alike. Theoretical and empirical researchsuggests that common ownership can lead to higher prices. This paper focuses on implications for market entry. To estimate the effect of common ownership on entry ...

    2018| Melissa Newham, Jo Seldeslachts, Albert Banal-Estanol
  • Diskussionspapiere 1674 / 2017

    The Impact of Competition Policy Enforcement on the Functioning of EU Energy Markets

    We investigate the impact of competition policy enforcement on the functioning of European energy markets, and how sectoral regulation influences these outcomes. For this purpose, we compile a new dataset on the European Commission’s (EC) and EU member states’ competition policy decisions, and combine it with firm- and sector-level data. We find that EC merger policy has a positive and robust impact ...

    2017| Tomaso Duso, Jo Seldeslachts, Florian Szücs
  • Diskussionspapiere 1664 / 2017

    A Retrospective Evaluation of the GDF/Suez Merger: Effects on Gas Hub Prices

    We present an ex-post analysis of the effects of GDF’s acquisition of Suez in 2006 created one of the world’s largest energy companies. We perform an econometric analysis, based on Difference-in-Difference techniques on the market for trading on the Zeebrugge gas hub in Belgium. Removing barriers to entry and facilitating access to the hub through ownership unbundling were an important part of the ...

    2017| Elena Argentesi, Albert Banal-Estanol, Jo Seldeslachts, Meagan Andrews
  • Diskussionspapiere 1523 / 2015

    Effective European Antitrust: Does EC Merger Policy Generate Deterrence

    We estimate the deterrence effects of European Commission (EC) merger policy instruments over the 1990-2009 period. Our empirical results suggest that phase-1 remedies uniquely generate robust deterrence as – unlike phase-1 withdrawals, phase-2 remedies, and preventions – phase-1 remedies lead to fewer merger notifications in subsequent years. Furthermore, the deterrence effects of phase-1 remedies ...

    2015| Joseph Clougherty, Tomaso Duso, Miyu Lee, Jo Seldeslachts
  • Diskussionspapiere 1460 / 2015

    What Clients Want: Choices between Lawyers' Offerings

    We analyze a client's choice of contract in auctions where Dutch law firms compete for cases. The distinguishing feature is that lawyers may submit bids with any fee arrangement they prefer: an hourly rate, a fixed fee or a \mixed fee," which is a time-capped fixed fee plus an hourly rate for any additional hours should the case take longer than expected. This format of selling legal services is unusual ...

    2015| Flóra Felsö, Sander Onderstal, Jo Seldeslachts
49 results, from 21
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